Religare Enterprises Limited (RELIGARE) Q2 FY27 Financial Results: PAT ₹-46.9 & Revenue ₹2,358 Cr

Investor Takeaways

Overall Tone: Cautious based on the numbers only.

Key Financial Highlights

What Changed

The filing reveals a mixed performance across segments with significant growth in broking and insurance offset by near-term losses and regulatory setbacks. Consolidated revenue rose 26% YoY to INR2,358 crores in Q1 FY27, primarily fueled by 7% revenue growth in broking to INR99.5 crores and 53% PBT growth to INR10 crores. However, the company posted a consolidated negative PAT of INR46.9 crores due to reporting standards, while Religare Finvest Limited (RFL) recorded a net loss of INR5 crores amid lower interest income. Care Health Insurance demonstrated strong operational momentum with 37% top-line growth, successful capital raise of INR350 crores, and improvement in combined ratio to 102.7%. Leadership appointments were announced across housing finance, insurance, and broking units to support rebuilding efforts. Notably, the RBI rejected the demerger proposal, delaying it to Q1 FY28, though engagement with the regulator continues. The negative PAT and RFL loss contrast sharply with previous quarters' profitability, including a ₹180.96 crore profit in Q4FY24, indicating a material shift in near-term financial trajectory.

Peer Comparison

Religare trades at a premium to HDFC Bank and SBI on P/E, but lacks disclosed ROE and ROCE metrics. Its market capitalization is significantly lower than peer HDFC Bank.

Risks & Concerns

Quarterly Trend

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About Religare Enterprises Limited (RELIGARE)

Financial Services · Finance · Listed on NSE

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